Case Studies

Agency

Mount Park, Southampton & Chandlers Ford Industrial Estate, Eastleigh

Client:Paul Murray Health & Beauty

Services:sales and lettings, occupier search and acquisition

Paul Murray is a supplier of brands of health and beauty products to the UK retail trade market. The company was occupying four buildings on the Chandlers Ford Industrial Estate, where it had been operating for approximately thirty years.

Primmer Olds BAS were instructed to assist the directors in the identification of a suitable new HQ and distribution facility that would enable the business to both expand its operations and operate more efficiently.

Following consideration of several options terms were negotiated for a new lease of Unit 3, Mount Park, Southampton. The building comprised a circa 50,000 sqft new build on the 358,120 sqft Industrial/Logistics park just off J5 of the M27 on the former Ford Factory site close to Southampton Airport.

Primmer Olds BAS in conjunction with the acquisition assisted with the withdrawal from three leased buildings and the re-letting of the fourth which was owned by the company and then retained as an investment.

Primmer Olds BAS worked with a number of stakeholders throughout the project to help ensure a smooth transition of the business and the maximisation of the company’s property assets.

Park Court, Abbey Park, Romsey, Hampshire

Primmer Olds BAS investment team acquired these two office buildings in an off market transaction for a local property development & investment company client.

The buildings were let to a single tenant with a very short term to expiry and the tenant wishing to remain in part of the property following a re-structure.

The agency team negotiated a surrender of part, linked to a simultaneous renewal on part along with the Building Consultancy team who dealt with terminal dilapidations and refurbishment of the space.

Primmer Olds BAS architect and designer James Fewtrell was also brought in as part of the project team to create ideas for external improvements to the property and CGI’s of the product for marketing.

The agency team were then further involved in securing new tenants on the remaining space at enhanced rents, showing an improved return on purchase yield.

4 Turnberry House, Parkway, Solent Business Park, Hampshire

Client:Private Investor

Services:Lease advisory, investment sale & acquisition

Primmer Olds BAS provided lease advisory advice to the freeholder of a modern high-quality office building located on South Hampshire’s premier business park, Solent Business Park. The client was looking to exit ownership of the building whilst at the same time secure terms for his trading business.

The agency and professional team worked together to create a lease package that worked for the business to remain in the property and at the same time help the owner maximise the value on possible sale.

The investment team then brokered a sale to a private property company looking for a secure long income dated property investment with good future letting prospects.

7 Upper Northam Road, Hedge End

Client Avon Valley HoldingsContract JCT Minor Works 2011

Primmer Olds B.A.S acted on behalf of Avon Valley Holdings Limited in acquiring the freehold investment let to one of their trading entities, Wilton Carpets. Primmer Olds B.A.S then advised on potential alterations to the building in order to maximise the long term return from the investment resulting in a sub-division of the retail space to enhance potential income stream and further exploring opportunity for likely tenants. This led to terms being agreed with Premier Coffee Limited trading as Costa Coffee as well as Wilton Carpets. This has enhanced the investment value for the client.

Having designed the scheme for Avon Valley Holdings, Primmer Olds B.A.S are now acting as Project Managers for the division of the Wilton Carpets unit to accommodate a new Costa Coffee outlet for the village.

As the project is being completed with Wilton Flooring still occupying the building they understandably wanted the impact on their trade and customers to be kept to a minimum.The project has therefore been designed and programmed to ensure that the shop continued to operate during the works. Safety is paramount when working on an occupied site so the sequencing of works has been especially important. To ensure value for money, we designed the project to allow the client to alter and retain the mechanical and electrical services where possible.This has not only reduced the project cost but has also reduced the overall programme and downtime.

Given that Wilton’s floor area is made smaller by the project, careful consideration has been given to the shop layout and refurbishment works to maximise trading space and allow them to continue trading in the same manner as before. External improvements to the building will ensure that, despite a reduced shop size, Wilton Flooring will maintain a prominent shop frontage within Hedge End. The project commenced on site September 2016 and the handover to Costa is now complete.

Unit 2 Trafalgar Square, Trafalgar Close, Eastleigh

Primmer Olds was appointed on behalf of Glen House Estates
Ltd to dispose of the 523.32 sqm (5,632 sq ft) detached industrial unit which
benefited from a forecourt yard/parking area and attached front two storey
office section. A previous tenant had operated a break option within their
lease which was subject to six months notice. Following a short marketing
campaign, Primmer Olds identified, negotiated and agreed terms with Strukta, an
expanding firm of building merchants, which ensured a seamless continuation of
occupancy and security of income for Glen House Estates Ltd.

The Mall, Winchester Road, Chandlers Ford

English Developments Limited instructed us as sole agents to
dispose of three vacant shops within this popular and centrally located
shopping centre following an unsuccessful period with another agent.

This particular marketing campaign was one of the first to
benefit from our virtual tours, which we produce in house, with no additional
cost to our clients.

In the space of five months, we let the two adjacent retail
units to Wessex Cancer Trust and the remaining unit to an expanding nail bar.

Totton Shopping Centre, Commercial Road, Totton

Primmer Olds provided strategic market advice in conjunction
with Savills’ London office on the purchase of this regional shopping centre
for our long standing clients, Evolve Estates, which subsequently led to us
being instructed as the letting agents for the remaining two vacant retail
units.

Following this instruction in the summer of 2015, we
achieved 100% occupancy at Totton Shopping Centre for the first time in a
decade. We also provided professional advice on a number of lease renewals
within the scheme and further asset management advice assisting the client’s
management team on enhancement of the centre and essential maintenance
planning.

18 Parham Drive, Boyatt Wood, Eastleigh

The letting of this industrial unit in Eastleigh was
conditional upon the tenant obtaining change of use from B1(c) Light Industrial
to B2 General Industrial as well as obtaining a VOSA licence to enable the
premises to be used as an MOT centre. The transaction was complicated further
due to an infill mezzanine section needing to be removed in order to provide
the tenant with an additional full height area; an Agreement to Lease was
entered into setting out these works. This ensured the works were only
undertaken when both parties were contractually committed to the letting.

Not only did Primmer Olds act on behalf of our client with
the letting, we also provided assistance to the tenant in respect of the
planning application.

Dukes Mill Shopping Centre, Romsey (No.4)

Dukes Mill Shopping Centre, Romsey, was acquired by us for a
London property company from the Administrators of the previous owner. This
acquisition subsequently led to us being instructed as letting agents.

We agreed terms on two retail units in the centre; one to a
local hairdressers and the other to a local retailer selling sustainable
products.

The successful lettings added further improvement to an
active management opportunity with a number of flats within the scheme to be
sold but a good income stream with retail tenants including Pampurred Pets, The
Original Factory Shop and Domino's.

Permitted Development

Further to the change in legislation in 2013 whereby
conversion of office buildings to residential use were permitted without the
need for planning permission, we exploited this opportunity to dispose of a
number of client’s office buildings. The residential conversion route provided
sales at higher values than could have been achieved on straight office
transactions.

The subject buildings comprised between circa 4,000 sq ft to
14,000 sq ft and located in Southampton, Eastleigh and Basingstoke, Hampshire.

The government has since announced that this amendment has
now been made permanent.

Primmer Olds were retained as joint agents in respect of the disposal of the Corals retail investment following a re-gear of their lease. We also provided professional advice on service charge set up and structure of new long leasehold interests for disposal. A further sale is currently 'in legals' with the freehold ground rent investment also being sold.

This shows the breadth of our value adding advice from identification of an opportunity right through to the creation of profit.

Stoneham Gate, Eastleigh

Client Mott MacDonald

In 2011 Stoneham Park, a
40,000sq.ft Grade A office Headquarter underwent a strategic review. The
occupier, International Civil Engineering company Mott MacDonald, had an up and
coming break option which was having a negative impact on investment value for
the site. In order to maximise capital value and present a lower risk
opportunity for investors Primmer Olds BAS negotiated a lease re-gear with Mott
MacDonald. As part of the re-structuring Mountgrange were required to leaseback
5,500sq.ft within Stoneham Gate that was not being utilised by Mott MacDonald.
Primmer Olds BAS were subsequently instructed to market the available office by
way of a new sub-lease which quickly led to the introduction of Vitacress, a
leading supplier of fresh produce to major retailers. A simultaneous sale of
the site as an investment took place.

With the ever changing nature
of the Civil Engineering industry Mott McDonald found themselves with surplus
space so brought Primmer Olds BAS back to commence marketing of the available
offices. Sub-leases were successfully granted to : -

7,200sq.ft - Premier Foods
3,450sq.ft - Netpay
3,150sq.ft – Omnico

More recently, as sub-leases
expired Primmer Olds BAS were once again retained by Mott MacDonald to re-let
up and coming vacant space.

In October 2016 Primmer Olds BAS negotiated the retention of Omnico on site by
agreeing terms and completing on expansion from 3,150sq.ft to 5,500sq.ft within
Stoneham Gate.

In parallel, with Premier Foods requirement also changing, Primmer Olds BAS
were able to react accordingly and facilitate the relocation of Premier Foods
to the 3,150 sq.ft office vacated by Omnico.

In addition, and again in parallel with the other movements
on site, terms were agreed and sub-lease granted to bring Business Choice
Direct into the 7,200sq.ft first floor office.

Our Agency department worked closely with our Building Consultancy team who
resolved all Terminal Dilapidations claims where required ensuring Mott
MacDonald will have minimal liability come expiry of their head lease.

Professional Services

Industrial Portfolio Valuations

Client Private Investors

Primmer Olds B.A.S professional team have been involved in the
re-valuation of a portfolio of single let distribution units across the South
and Midlands on behalf of a private investment client of the business.

The assets have included warehouse space let to occupiers
such as AKW, a UK market leader in the design and manufacture of disabled
access bathrooms and kitchens, Spire Healthcare, who provide a UK network of
38 private hospitals, and other businesses that manufacture lighting and
heating controls.

The buildings spread geographically from West Sussex to the
East, Bristol to the West and Droitwich to the North. The units ranged in
size from circa 30,000 – 50,000 sqft each.

The work involved valuation for taxation planning, as well
as rent reviews, lease renewals and other associated asset management advice.

30 Carlton Crescent, Southampton

Primmer Olds was instructed by the seller as letting agents
for this mulit-let period office building in Southampton’s professional
quarter. A freehold requirement from a local, growing company was identified
and a sale agreed to Maschio & Soames IP Ltd to purchase the investment in
SIPP fund vehicle, with the company to take occupation of the remaining space
in 2016.

Primmer Olds are supporting Maschio Soames IP Ltd post
purchase, providing property management services to their pension fund
providers to fully manage the investment, taking charge of all planned and
reactive maintenance and statutory compliance, thus allowing the company to
focus on their business growth.

The Hundred, Romsey

Acting for the Southern Co-operative Group,
we negotiated terms for a lease renewal on their town centre store. It was not possible to agree a rent by
negation with the landlord’s surveyor so we advised our client to go through
the PACT (Professional Arbitration on Court Terms) scheme to fix a new rent on
renewal. The result was a rent reduction
of some £5,000 per annum linked to a new 10 year lease.

Various - National Property Investment Portfolio

Working with a local property investment company, Primmer
Old’s actively manage a broad portfolio of assets, identifying acquisition and
disposal opportunities on and off market. We provide full property management
services to a range of single let and multi-let assets, as well as full
building surveying support for dilapidations and refurbishment programmes.
Through active engagement with occupiers, lease events and tenant business
changes are managed to ensure opportunities are maximised and income voids
reduced through close internal working between property management, sales and letting,
and building surveying delivery.

Belbins Industrial Estate, Romsey

Developed over the last 15 years in various phases, Belbins
Industrial Estate provides a range of modern B1 business units in an attractive
setting. The units are held in variety of ownership, both investors and owner
occupiers to whom Primmer Olds provide a range of services.

Further to Primmer Olds successfully completing lettings on
all units on the final phase of development during 2014, our property management
team have been instructed to manage the common areas of the estate providing
full service charge administration, company administration, and VAT accounting
to the management company that hold the common areas of the estate. Our
professional services team continue to provide valuation, business rates, lease
renewal and rent review advice to numerous businesses and owners on the estate.

51 London Road, Southampton

Primmer Olds manage a long leasehold investment holding for
a long established client in the heart of the city’s business district and
evening circuit. A tenant administration provided an opportunity to convert
redundant upper floors to residential use taking advantage of an improving
residential market and planning changes. Primmer Olds’ professional team
renegotiated terms of a head lease to enable proposal to proceed; simultaneous
to the works, a re-letting of the ground floor retail unit was concluded to
Coral Bookmakers following strong competition from other high yielding tenants.
Our client benefited from short void hold period, capital receipt for
residential conversion and secure investment income from commercial re-letting
of the retail unit.

Various - South Central Property Investment Portfolio

Built on a long term relationship, Primmer Olds provide
sales and letting and professional services to a portfolio located across the
south central region. In addition to the range of services Primmer Olds already
provide to this off-shore family trust, full property asset management
including VAT accounting has been added subsequently making Primmer Olds sole
provider of active management advice to this income fund.

Domino’s Pizza, Winchester Road, Chandlers Ford

Following the administration of a previous tenant, Primmer
Olds was instructed as the letting agents for the retail shop positioned within
a modern development in Chandlers Ford. The deep, narrow retail unit held on a
long leasehold interest provided some challenges.

We provided strategic advice and introduced Domino’s Pizza
as an occupier which presented a sound investment holding going forward. The
proposal required a variation to the Head Lease in which Primmer Olds
negotiated at no cost to our client and who benefits from a higher yielding,
strong, long term tenant.

Building Consultancy

7 Upper Northam Road, Hedge End

Client Avon Valley HoldingsContract JCT Minor Works 2011

Primmer Olds B.A.S acted on behalf of Avon Valley Holdings Limited in acquiring the freehold investment let to one of their trading entities, Wilton Carpets. Primmer Olds B.A.S then advised on potential alterations to the building in order to maximise the long term return from the investment resulting in a sub-division of the retail space to enhance potential income stream and further exploring opportunity for likely tenants. This led to terms being agreed with Premiere Coffee Limited trading as Costa Coffee as well as Wilton Carpets. This has enhanced the investment value for the client.

Having designed the scheme for Avon Valley Holdings Primmer Olds B.A.S are now acting as Project Managers for the division of the Wilton Carpets unit to accommodate a new Costa Coffee outlet for the village.

As the project is being completed with Wilton Flooring still occupying the building they understandably wanted the impact on their trade and customers to be kept to a minimum.The project has therefore been designed and programmed to ensure that the shop continued to operate during the works.Safety is paramount when working on an occupied site so the sequencing of works has been especially important. To ensure value for money, we designed the project to allow the client to alter and retain the mechanical and electrical services where possible.This has not only reduced the project cost but has also reduced the overall programme and downtime.

Given that Wilton’s floor area is made smaller by the project, careful consideration has been given to the shop layout and refurbishment works to maximise trading space and allow them to continue trading in the same manner as before. External improvements to the building will ensure that, despite a reduced shop size, Wilton Flooring will maintain a prominent shop frontage within Hedge End. The project commenced on site September 2016 and the handover to Costa is now complete.

Fit Out and Refurbishment of Aston Martin, Balsall Common, Solihull

Primmer Olds B.A.S were delighted to be instructed by their client Cambria Automobiles to provide Building Consultancy Services for the Acquisition, Tendering and Fit Out of their new Aston Martin Dealership at Balsall Common, Solihull.

Formerly a Mercedes Benz Dealership and in dilapidated repair, Primmer Olds B.A.S were initially instructed to work with Cambria assisting them at acquisition stage undertaking an acquisition survey, feasibility costing and working with the Aston Martin Brand to develop the fit out specification.

Thereafter, Primmer Olds B.A.S were retained to Tender the works on behalf of Cambria and manage the alteration, refurbishment and fit out works to guarantee completion within an extremely tight programme, ensuring dealership opening within the committed timescales.

Overall the works have provided a new lease of life for the building as well as giving the high standard of detail and finish as expected from the Aston Martin Brand.

The Quarterjack Surgery, Wimborne, Dorset

BAS Property Consultants were instructed by The Quarterjack
Surgery, a general practice surgery in Wimborne, Dorset, to manage the planning
consent for the design, tender and construction of their two storey extension
to provide additional ground floor consulting rooms, shell and core to first
and second floor for future residential conversion and a Boots Pharmacy to the
ground floor.

The pre existing occupation deadline contract with Boots
determined little margin for delay without penalties being incurred by our
client.

The shell and core structure to the Boots Pharmacy was
completed on time to enable the commencement of Boots fit out. Furthermore, the
overall construction works were completed on time and within budget.

BAS Property Consultants have now been retained and
instructed to design, tender and project manage the fit out of the upper floors
to provide five residential flats.

Factory Roof Covering Replacement Project

BAS Property Consultants were instructed as lead Project Managers and Contract Administrators for phase 1 (12,000 sqm) of a main factory roof covering replacement works which was completed April 2015 and have since been retained as lead project managers for phase 2, due to complete June 2016.

Totalling around 22,500 sqm, the main factory facility had been developed in phases between the late 1950s and 1970s and although generally replicated in its north light portal framed construction comprised a number of variables to the technical detailing.

BAS Property Consultants were initially instructed to undertake a feasibility assessment and report of potential solutions open to the client for the replacement of the expired roof covering. A number of options were put forward and eventually a solution developed with tender documents prepared by BAS Property Consultants.

Rover Test Facility

BAS Property Consultants were instructed on what can only be described as a once in a lifetime project opportunity, as lead project managers on the construction of the test and Bio clean room facilities for the build of a space terrain vehicle.

Test
Facility

In the first of two major facilities projects, the vehicle Test Facility was constructed in part of an existing single storey portal frame building to an area measuring approximately 30 sqm by 13 sqm and containing around 300 tonnes of kiln dried sand.

Bio Clean Room

The Clean Room Facility, a Class 100,000 (ISO 8) Bio Clean Room was designed at planning stage by BAS Property Consultants who managed from inception through the tender and construction stage to completion and witnessing of commissioning, snagging and de-snagging and final handover at practical completion.

Various Vauxhall and Mazda Dealerships – Nationwide

BAS Property Consultants are presently instructed by Cambria
Automobiles to complete the specification, tendering and contract
administration of refurbishment work at six car dealerships across England.

The work involves refurbishment of the dealerships to bring
their corporate identity in line with a given corporate standard. Close liaison
with the regional and dealership managers as well as specialist sub-contractors
is essential to ensure that the businesses can continue to operate effectively
and with minimum disruption whilst work is on site.

Works at one site are due to be completed with the remaining
dealerships following on as part of a rolling programme. Work is currently on
programme and under budget.

St James House, Old Town, Poole, Dorset.

BAS Property Consultants provided a structural building
survey of this four storey Grade II Listed property. Our report included
outline budget costs for remedial works required following ongoing reported
damp and water ingress issues and we liaised with client's appointed architect
to ensure recommended repairs would be sympathetic to the building's character.

Fawley Council Leisure Centres

BAS Property Consultants were
successful in their bid to undertake Forward Maintenance Plans of three leisure
centre campuses on behalf of Fawley Council.

The Parish Council were
seeking a firm of Chartered Surveyors to undertake inspections of the
properties, all of which were of varying ages, to provide a 30 year Forward
Maintenance Plan enabling the council to better plan their maintenance strategy
for these potentially money consuming assets.

As with all our forward
maintenance planning instructions we initially sat down with the council to
ensure the survey approach and the reports presentation would be tailored to best
suit their financial planning and spend structure.

The surveys were completed
and reports drafted and issued to the client within six weeks from instruction
to ensure they could form part of the upcoming quarterly review meeting.

Various Office and Industrial Premises

BAS Property Consultants initially worked with the
client to develop and adapt an in-house residential survey software to record commercial
assets. As part of the commission we also carried out measured surveys of all
buildings and prepared up-to-date AutoCAD plans. In a fast track programme, we
carried out in excess of 20 inspections and delivered our survey reports and
AutoCAD plans in advance of the client's financial year end in order for
budgets to be committed for future repair, maintenance and disposals.